Sportsbooks Rules

How well do you understand the rules of sportsbooks? After looking at the article How to Bet Sportsbooks you should have the basic knowledge of betting at most sportsbooks. Nonetheless, sportsbooks rules can differ between websites, making it so that the rules of one sportsbook may not be the same as a different one.

Most of the differences are quite small, but you will still need to know the sportsbook rules that you may run into. Most importantly, not understanding may cause you to make a mistake that could lead to losing money on any sporting event. Here are some of the general sportsbook rules, as well as slight differences you may encounter.

Number of Accounts

Usual Rule:

Bettors may only have one account per person. This ensures that no one gets defrauded, as well as keeping personal information safe. Bettors cannot get around this as their personal and bank information is used. However, there is an exception to this rule; for instance, bettors can have multiple sportsbook accounts, as they are not limited to using only one sportsbook.

Alternate Rule:

There is no alternate rule as sportsbooks are very strict on this policy.

Minimum/Maximum Bet

Usual Rule:

Bettors will have to adhere to the strict betting limits. There is usually a minimum of $1 per bet. The bettor will have a max limit set depending on the sport they are betting on.

Alternate Rule:

Some sportsbooks only allow bettors to place a $2 minimum bet. Maximum bet limit can be raised depending on the sport, current bankroll balance, if they have VIP reward levels, and even based on how long you have been a member of the sportsbook.

Tie Bet

Usual Rule:

The most used and commonly found rule the return bet. This gives the bettor back their original bet amount they placed at the sportsbook. If the specific wager ends in a bet, the amount of money they bet will be returned to their account.

Alternate Rule:

At a few sportsbooks, tie bet is not offered. This means, if a sports wager ends in a tie, no money is returned to the bettor. This would most likely happen when the bettor places a wager on a big sportsbook event, like the Super Bowl.

Wagers are Final

Usual Rule:

The bettor will not be able to change their mind after making a bet. This means that once a bet has been placed at the sportsbook, even if they want to cancel or alter their bet, they won’t be able to. Most of the sportsbooks have this rule to avoid last minute alterations.

Alternate Rule:

In certain cases, there are certain sportsbooks that will consider cancelling a wager if a problem with the sporting event arises. This usually means that when the sportsbook sees that a certain sports match has been forfeited they will cancel the bet. On very rare occasions they will cancel a bet made by mistake, but this very rarely occurs.

Payouts

Usual Rule:

The bettor will receive their winnings after the sports match has finished. Most, if not all, sportsbooks state the winner of an event or game will be determined on the date of the event’s conclusion. In other words, they will pay out the same day the match is finished.

Alternate Rule:

Certain sportsbooks may pay out any winnings the day after the match has been finished. This is done so that in the event of extended play going into a day or two after it was supposed to have finished.